May 4, 2012 / 2:28 PM / 6 years ago

Fitch revises Chesapeake's outlook to negative, affirms ratings

(Reuters) - Fitch Ratings revised Chesapeake Energy Corp’s (CHK.N) ratings outlook to negative, but maintained the company’s current default rating at BB, Fitch said on Friday.

Chesapeake Energy Corporation's 50 acre campus is seen in Oklahoma City, Oklahoma, on April 17, 2012. REUTERS/Steve Sisney

“The revised Outlook stems from a still aggressive capital spending program for 2012 in a very weak natural gas environment,” Fitch said in a statement. The ratings agency added that “corporate governance and board of director oversight” remains a concern.

Shares were lately up 20 cents, or 1.2 percent, to $17.39 a share.

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